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Late Thursday, while unconfirmed reports spread concerning a shooting at Brown University, CNN’s Kaitlan Collins used social media, pointing out the conflicting information and pointing viewers to her network’s 9pm newscast.

Although the network is hardly a impeccable news source, her message resonated for numerous observers. It stands as one of the organizations where there exists fact-based and mostly reliable reporting – notably during crises like the one taking place close to a New Hampshire storage facility.

A Precarious State During a High-Stakes Tug-of-War

Yet the news network, now 45 years old, finds itself in a vulnerable situation as two massive media empires compete for ownership of its parent company, Warner Bros Discovery.

Whatever the outcome, the future of CNN has turned into a high-stakes game of business acquisition, instead of as a question of what benefits the news-consuming public.

“Here is one more case of the fundamental flaws with roots in decades of governmental choices,” stated Victor Pickard, writer of “Democracy Without Journalism?” and a academic specializing in media policy at the Pennsylvania University.

The debate about who will own Warner Bros Discovery – will it be Netflix or Paramount Skydance? – overlooks a more important point.

“It gets presented as a corporate drama with key players as the main characters, but there is scant discussion of the societal benefit,” Pickard explained.

The Additional Factor: The Former President

This situation is made more complex by Donald Trump’s views about a network he has consistently labeled as perhaps his chief “fake news” antagonist.

Think back to the shouts of “CNN sucks!” at his rallies, his administration's retaliatory suspension of reporter Jim Acosta’s press credentials, or his clashes with Collins in White House briefings.

Trump now says that the network requires new ownership. This can be interpreted as ownership that will protect him from journalistic oversight. That is a factor in why he appears to support Paramount Skydance, which has made a unsolicited offer.

There is a basis to like that bidder more. For one thing, it is led by David Ellison, son of the Trump-friendly Larry Ellison, one of the world’s richest people.

The company, owner of CBS News, also recently appointed the conservative Bari Weiss, famous for her “anti-woke” beliefs, as the lead editor of that venerable news network.

A Possibility of Continued Turmoil

Significantly, if Netflix wins, CNN and other cable outlets would first be carved out into a independent unit. This might be a welcome development to many at the network, but it’s not exactly a guarantee of stability. That setup could position CNN for a future sale. There is no finish line.

In the view of Timothy Wu, a great deal of this is illegal, anyway. The influential voice of big tech’s dominance recently argued that anti-trust laws should disallow both deals.

“Each proposed deal would be harmful to the country, and both should be opposed by regulators,” Wu recently wrote.

The Bigger Issue and a Path Forward

No matter the outcome in this situation, the underlying crisis remains.

“Our current system is a highly system hostile to democracy, but we shouldn’t give in to learned helplessness,” Pickard emphasized. Regulatory choices – originating in the 1930s and 1940s – helped to create this hyper-commercialized monster, and revised policy decisions can tackle it.

Is this likely in an era where the Federal Communications Commission chair refuses to acknowledge that the agency is independent? Reform is a distant prospect now, but that is not to say it will never happen.

Policies that strengthen independent news organizations, bolster local journalism, fund public media, and prohibit the consolidation of media power in very few hands are achievable – they are vital for a functioning democracy.

When it comes to media ownership, bigger isn’t better. And news organizations such as CNN shouldn’t be pawns in the newest corporate chess match.